07:43 GMT +321 October 2019
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    A man stands next to an advertising placard showing British pounds, US dollars and Ukrainian hryvnia banknotes in the Ukrainian capital Kiev

    Financial Freefall: Fitch Predicts Ukrainian Economy to Drop by Another 9%

    © AFP 2019 / SERGEI SUPINSKY
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    The ratings organization predicts that Ukrainian economic drop will be accompanied by the devaluation of Ukraine’s currency and a major inflation.

    Fitch Ratings Inc. predicts a drop in the Ukrainian economy by 9% at the end of 2015. This prediction corresponds to the forecasts made by its main creditor countries, the International Monetary Fund and the European Bank for Reconstruction and Development.

    As noted by the ratings organization, the economic drop will be accompanied by the devaluation of Ukraine’s currency, the hryvnia, down by 97% compared to 2014, and major inflation.

    "The economic recession will take place against the backdrop of unresolved conflict in the east of the country, which will also remain a significant factor of the economic problems," read the statement released by the agency.

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    Tags:
    currency devaluation, recession, economic crisis, creditors, hryvnia, Fitch Ratings, European Bank for Reconstruction and Development in Europe (EBRD), International Monetary Fund, Ukraine
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